RAW, no. Nonstandard wondrous items are up to the GM's discretion, and there is nothing in RAW that requires or suggests that this is a thing that can (or cannot) be done. There is no rule in any book that says you can pay GP=5*XPcost instead of XP in all circumstances. What the Erudite does is, as you pointed out, not a spell, power, item or graft, so there is no rule written anywhere that asks or requires this to be allowed. Furthermore, in terms of "hiring someone else to give you powers," there is an actual power for that: Psychic Chirurgery. The problem? Psychic Chirurgery is a 9th level power and costs a whopping 1000 XP per power level. That is the most direct comparison if you use the "hiring an NPC caster" as a parallel, and hiring an NPC psion to give an erudite powers with Psychic Chirurgery is usually more expensive than 5×20×Erudite level (unless your Erudite level is very high).
RAI... maybe. The 5GP per point of XP alternative does come in more than one place, so it could be applied as a standard. Apart from hiring NPCs to cast spells, it shows up in power components to cast spells yourself (Dragon 317), and as an alternative to XP costs for prestige race alterations (Dragon 304 p49, sidebar). It certainly wouldn't be like hiring an NPC to give you powers because the XP cost for an erudite to learn powers is based on the erudite's level, not the level of another character. However, it could be compared to using power components: the erudite in question purchases special psychically-charged objects and drugs to learn the power.
In short: RAW no, RAI maybe, allow or disallow at your discretion.